1970 world oil market chronology

January 1: U.S. Federal oil depletion allowance reduced from 27.5 to 22.0 percent.
May 3: TAP line from Saudi Arabia to the Mediterranean interrupted in Syria, creating all-time tanker rate highs from June to December.
September 4: Libya raises posted prices and increases tax rate from 50 percent to 55 percent. Iran and Kuwait follow in November.
November 12: The Libyan government establishes the National Oil Corporation.
December 9: OPEC meeting in Caracas establishes 55 percent as minimum tax rate and demands that posted prices be changed to reflect changes in foreign exchange rates.

	This article is part of the Chronology of world oil market events (1970-2005)	following year: 1971 world oil market chronology

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